Paying Up

Do you plan to consolidate your bills? Is that what is best for you?  How do you know?  Debt consolidation sounds great.  You should always give this method much thought.  Some loans are secured and others are non secured.

This means you should not consilidate the two types of loans.  Under our system of relief some loans can not be dismissed. The law will wipe out the non secured loans when you filed for bankruptcy.  Bankruptcy is our process of relief.  Lenders don’t like the word bankruptcy but businesses use bankruptcy when their debt overwhelms them.  This method  is also for the everyday consumer. 

Once upon a time I thought bankruptcy was a bad word.  Aggressive lenders do anything  to collect their money.  Some people are too proud to file bankruptcy.  There is the CHAPTER 13 & CHAPTER 7.
Neither is favorable to the lender. CHAPTER 13 GIVES YOU MORE TIMES TO PAY OFF YOUR DEBT.  CHAPTER 7, CLEARS ARE DISMISS MOST IF NOT ALL OF YOUR UNSECURE LOANS.

Bankruptcy should be your last resource. Because lenders fround on bankrupcy.  However if you pay your bills on time for two years, some lender is willing to take the chance.  Your Interest rate may prove to be higher than normal.  Don’t be to hasty but survive debt.

~ The Debt Survivor ~